The market seems to have rewarded companies that have reported better-than-expected performance in the quarter ended March. Tata Motors, ITC, Zee Entertainment Enterprises, Biocon, Asian Paints, Hero MotoCorp, Bajaj Auto, Finolex Cables and V-Guard Industries are among 54 stocks that have hit 52-week highs in past two weeks.
Also Read: StatsGuru: Corporate results indicate a recovery
An analysis of 844 companies from the BSE 500, mid and small-cap indices (excluding state-owned banks and refineries) that announced their March quarter earnings reveals that stocks of 316 companies outpaced the benchmark indices after the results.
These 316 firms have reported 31 per cent year-on-year (y-o-y) growth in their aggregate net profit. On the other hand, the remaining 528 companies that underperformed the market have recorded 25 per cent y-o-y drop in their combined net profit.
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